Firm Introduction
October 2024

Aspirant Group, Inc.
Core Strengths

Company Profile
Founded

October 2012

Strategy

Japanese middle-market buyout:• Business successions• Corporate carve-outs• Turnarounds

Funds

Investment strategy based on strong
management philosophy

Focus• Operational improvement• Business growth support

Sectors• Business Services• Industrial Technology• Consumer

Team

26 investment and operating professionals
9 Senior Advisors and Operating Partners

Secondment

Full-time, onsite support by the operations
team in portfolio companies• AG l (2013, ¥8.3 billion)

Aspirant
Group,
Inc. billion)• AG
II (2016, ¥27.2• AG IIB (2019, ¥5.5 billion)• AG III Series Funds (2019, ¥50.0 billion)

AKITOSHI NAKAMURACEO►Core Values

Private equity experience at both public andprivate funds► Management, turnaround & operational
expertise

AKIRA KAWAMOTO
VICE-CHAIRMAN►TETSURO MONOBE, CPA
COO

29 years at METI (Ministry of Economy,
Trade and Industry)► Diversified public and private network►

Operational and strategic experienceinternationally with global conglomerate► Audit and internal control development
expertise► CEO of two portfolio companies

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Organizational Structure
Vice Chairman
Tomomi Hara
Senior Partner

Vice Chairman
Akira Kawamoto
Founding Partner

Chairman & CEO
Akitoshi Nakamura
Founding Partner

As of October 2024

COO
Tetsuro Monobe
Managing Partner

Business
Development

Yuichi ShinManaging Partner

Operations

Investments

Kenji
Yamaguchi
Principal

Hirokazu
Ego
VP

Kenta
TashiroAssociate

TaichiNakamaru
Principal

Hiroshi
NishioPrincipal

Add-ons / Exits

MasayaNakanishi
Managing Partner

Finance

CFO
Yasuhiko Hamada
Managing Partner

HR / GA

Legal

Taro Tatsumi
Partner

General Counsel
Hiroto TerashimaPartner

Naomi
Nakamura
HR / GA

Shigeki Suzuki
Principal

Tadahiko
Maede
Associate

KatsuroTaninaka
Associate

Sho
Fujimoto
Associate

Operating Partners
Yasufumi
Hirao

HideyaKitamae
Associate

YutaroHara
VP

FumiyaMotegi
Associate

TaiseiMorinaka
Associate

Takumi
Ota
Associate

Nana
Hasegawa
Principal

SuguruMatsufuji
VP

Yoshifumi
Ichikawa
VP

Chisae
Maeda
Secretary

Hiraku Kozawa
Principal

NatsukoIwasakiSecretary
Satoshi
Waki
Associate

Eri
Yamamoto
Associate

Fumiaki
IgarashiAccounting clerk

Senior Advisors
Kazushige
Takahashi

Yasuo
SuzukiAtsushi
Kamei

Nobuo
BesshoNoboruKotani

Takeo
Saito

MakotoYoneyama

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Kunihiko
Fujii

3Senior Advisors
Yasuo
SuzukiNobuo
BesshoAtsushi
Kamei

NoboruKotani

Takeo
Saito

MakotoYoneyama

Kunihiko
Fujii

Machinery

Chemicals

RetailConsulting

Commercial
Banking

Information
Technology

Insurance• Ito Yokado• Dream
Incubator(Rep.
Director)• BostonConsultingGroup• Aozora
Bank(DeputyPresident)• KYOCERA• Tokio Marine
CommunicaHoldings
tion Systems(Executive(SeniorVice PresidentManaging
and Director)
Director)•

Market•Due Diligence

Analysis•

Value Creation

SeniorAdvisorIndustry
Focus• ARRK -Background• Japansponsored

Synthetic

by ETIC

Rubber(CEO)(Head of• Komatsu

Precision

Industries

Electronic

Corp (CEO)Research(CEO)

Institute and
Board
Director)

Aspirant
Value-Add•

Sourcing•

Sourcing•

Sourcing•

Sourcing•

Due Diligence•

Due Diligence•

Due Diligence•

Due Diligence•

Value Creation

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Core Values
Aspirant follows its core values diligently
Doing what is right for portfolio companies is fundamental to Aspirant’s approach

Contribution toSociety

We aim to contribute to society by pursuing sustainable growth and improvement for our
portfolio companies as well as providing competitive returns to our investors consistently. By
doing so, we aspire to become a globally respected private equity firm.

PassionWith strong passion, we will work tirelessly and find creative solutions to achieve our goals

Fairness

We act with self-discipline to uphold honesty and integrity. With a strong focus on fairness, we willprioritize the interest of various stakeholders of our portfolio companies, which in turn should ultimately
benefit the shareholders

Execution

We will act decisively to transform our portfolio companies to build sustainable growth. We areaccountable and committed to our results.

Learning

We constantly learn with humility and strive for progress and growth by reflecting on our results

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Investment Strategy – Targets• Targeting medium-sized companies with solid fundamentals but underperforming• Improving operational efficiency and accelerating growth through a hands-on approach• Seconding team members from a dedicated operations team when appropriate• Deep value investor with the differentiating ability to undertake complex transactions with limited competition

Deal Types

Sectors

TargetInvestments

1.
2.

Business
Succession

Corporate
Carve-Out

Turnarounds /Special Situation

Significant track record of
fostering deep relationships withaging business owners facing
succession challenges

Opportunities for corporate
carve-outs as Japanese
conglomerates divest non-corebusiness units

Deep turnaround expertiseamong team, withdifferentiated ability toundertake complex deals

Business Services

Industrial Technology

Consumer

Manufacturing businesses
built on solid technology, withroom for management andoperational improvement

B2C businesses withestablished brands or uniquecapabilities; healthcarecompanies benefitting from anaging society

B2B businesses, including
outsourcing and B2B software,that benefit from Japanese macro
trend of declining population

EquityInvestment

Enterprise
Value

Gross
Returns

Typically¥3 billion - ¥10 billion

Typically¥7 billion - ¥50 billion1

Targeting
2.5x multiple, 25% IRR2

Including co-investments and borrowings.
Past investment performance cannot be relied upon as an indicator of future performance. There can be no guarantees that target returns or objectives presented
herein will be achieved.

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Operational Improvement: Overall Framework
Aspirant focuses on four key themes to improve and support the growth of portfolio companies:

01
02

Team Building
Create mutual trust and consensus with key employees and management teams

Metrics
Grasp important KPIs, set up infrastructure for visualization, and implement frequent monitoring

03

Strategy

04

Quick Wins

Focus on and set up common goals and milestones with employees

Identify “low hanging fruit” for quick win initiatives to create early successes

Involvement can vary depending on the needs of the portfolio company and will adjust over time:
100 Day Plan

Execution & Monitoring•

Initial 3-6 months spent setting up an infrastructure formanagement/monitoring•

Progress of the business plan is monitored on a weekly
and monthly basis•

Operations team members work on site at portfolio
companies on a full-time or semi-full time basis•

Existing management remains – an external hire or one
of Aspirant’s Operations team members will step in as
the interim leadership
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Investments Made
Business Services
Outsourcing

B2B Software

Other Services

Midori Precisions
PMO

Jan 2016 – Jun 2018

Mar 2024

Pharmarise

Nov 2018 – Nov 2023

Jun 2017 – Dec 2020

Maruki Plastic
Nov 2016 – Oct 2019

Jun 2015 – Jan 2019

Healthcare

Jonan SteelDec 2019 – Mar 2023

Informatix

Business
Succession
Humanic

ConsumerIndustrial
Technology

Tanken Seal Seiko
Mar 2020 – Apr 2023

Other

YamatoFeb 2017－Sep 2023

Dipsol Chemicals
Sep 2020

Teraken

OutlookConsulting

Jan 2015 – May 2019

Mar 2019 – Dec 2023
(realized portion)

FILWEL

BReCS Corporation

Jan 2016 – Sep 2019

Nagasaki Unsou

Jan 2020 – Nov 2023

KohjinFilm & Chemicals

SORD

Dec 2017 – Jul 2023

Feb 2018 – Jan 2021

Aug 2021

Carve-Out
FCM

Daiwabo

Dec 2018- Feb 2023

Yumex

Mar 2024

Aug 2018 – Jun 2019

NJT Copper TubeSep 2019

Turnaround&
SpecialSituation

Japan Drilling
Company
Feb 2022 – Apr 2023

Sagami

Miura Printing

Oct 2016 – Jun 2018

Mar 2014 – Apr 2017

Rinkai Construction
Mar 2015 – Sep 2016

AG I

AG II

AG II-b

AG III1

ExitedJohn Masters
Organics Group
July 2022

1.

Comprising AG III Investment Limited Partnership, AG Chorus Limited Partnership, and AG Concert Limited Partnership, each of which is an independently managed andoperated fund vehicle.

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Team Profile
Akitoshi Nakamura, Founding Partner, Chairman/Chief Executive Officer• Mr. Nakamura co-founded Aspirant Group in 2012.
• Prior to Aspirant, Mr. Nakamura practiced law and has engaged in a wide range of investment activities inJapan and the US.
• In the public sector, Mr. Nakamura worked at the Industrial Revitalization Corporation of Japan (IRCJ) as
Senior Managing Director and Enterprise Turnaround Initiative Corporation of Japan (ETIC) as
Representative Director and COO.
• In the private sector, Mr. Nakamura had various roles at Ripplewood (Managing Director), Nikko Principal
Investments (Vice Chairman) and Sun Capital Partners Japan (Chairman and CEO).
• Mr. Nakamura has extensive experience as an investor and manager, not only for mid-size companies suchas Phoenix Resort Co., Ltd. (Miyazaki Seagaia), Miyazaki Kotsu Co., Ltd., Skynet Asia Airways Co., Ltd., butalso for large companies such as Nippon Coke & Engineering Co., Ltd. (former Mitsui Mining Ltd.),
BELLSYSTEM24, Inc. and Japan Airlines Co., Ltd. (JAL).
• Mr. Nakamura holds a B.A. in Law from the University of Tokyo and an L.L.M. from Columbia Law School.
Akira Kawamoto, Founding Partner, Vice-Chairman• Mr. Kawamoto co-founded the Aspirant Group in 2012.
• Prior to Aspirant, Mr. Kawamoto spent over twenty years (1981-2012) at the Ministry of Economy, Trade andIndustry. During his time, he held prominent positions within the Japanese government, as well asinternational organizations where he interacted with various industries related to economic policies.
• Mr. Kawamoto also served as a member of a Regulatory Reform Project for 4 years at the OECD in Paris.
Upon his return, he directed government policy planning for liberalization of the electric power industry, the
Science & Technology Basic Plan and the National Commission on Social Security.
• In 2009, Mr. Kawamoto was appointed as Deputy Director-General, Minister’s Secretariat (Industry Policy
Bureau/Economic and Social Policies) and was seconded to ETIC in 2010 as Executive Senior Managing
Director where he worked on corporate turnarounds.
• Mr. Kawamoto is also a lecturer at Keio University Faculty of Economics and is a Board Director at Future
Corporation and Onward Holdings Co., Ltd.
• Mr. Kawamoto holds a B.A. in Law from the University of Tokyo and an M.A. in Philosophy, Politics andEconomics from the University of Oxford.
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Team Profile
Tomomi Hara, Senior Partner, Vice-Chairman• Prior to joining Aspirant Group, Mr. Hara worked at BELLSYSTEM24 from 2009, where he spent most of histime spearheading operational enhancement of high-profile Japanese vendors and top-tier companies invarious industries around the Tokyo Area.
• In March 2010, Mr. Hara was promoted to Senior Executive Officer, supervising 18,000 employees in the
CRM department.
• Previously, he worked at a commercial bank, where he was involved in corporate lending, asset management
for high net worth individuals and held senior marketing positions at branch offices.
• Mr. Hara holds a B.A. in Law from Nihon University.
Tetsuro Monobe, Managing Partner, Chief Operating Officer• Prior to joining Aspirant Group, Mr. Monobe worked for Nestlé, where he was in charge of operational audit
and business improvement activities throughout twelve countries. This included business development,
strategy planning, divisional budget controls and reporting for Nestlé Japan.
• Prior to Nestlé, he worked at Deloitte Tohmatsu, performing external financial audits for publicly listedcompanies in Japan and the US, as well as providing support for internal control development of a Japanese
overseas subsidiary and IPO support for domestic companies.
• Mr. Monobe holds a B.A. in Commerce from Doshisha University and is a Certified Public Accountant.

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Team Profile
Yasuhiko Hamada, Managing Partner, CFO• Prior to joining Aspirant Group, Mr. Hamada worked at ETIC from 2009 where he worked on corporate
investments and turnarounds. He was heavily involved in improving and operating the business of Fuji
Technica & Miyazu, Inc., a merger between Fuji Technica (the 2nd largest manufacturer of automotive press
tools/dies) and Miyazu Seisakusho (the 3rd largest manufacturer of automotive press tools/dies).
• Mr. Hamada started his career at a business corporation, then moved on to an audit firm, mostly engaged incorporate financials and audit activities of Japanese blue-chip companies.
• Mr. Hamada holds a B.A. in Law from Gakushuin University and is a Certified Public Accountant.
Yuichi Shin, Managing Partner, Business Development Office Head
• Prior to joining Aspirant Group, Mr. Shin worked at Ant Capital Partners from 2006, where he covered
investments for business successions and TOB deals. He also had hands-on experience in operating andexiting portfolio companies.
• Before Ant Capital Partners, Mr. Shin worked at IRCJ and engaged in the implementation of the turnaround
scheme and performance improvement for Skynet Asia Airways. Mr. Shin started his career in 1995 at
Yamaichi Securities and had been involved in corporate finance covering IPOs, CBs, WBs and securitization.
• Mr. Shin holds a B.A. in Economics from the University of Tokyo.
Masaya Nakanishi, Managing Partner, Add-ons / Exit Head
• Prior to joining Aspirant Group, Mr. Nakanishi worked at ETIC from 2010 as a project manager for theirbusiness turnaround investments team and was mainly responsible for the revitalization of ARRK Corporation(ARRK) as Representative Operating Officer.
• Prior to ETIC, he was the head of Dogan Advisors’ business succession fund from 2007, overlooking
investments and post investment support.
• From 2004, Mr. Nakanishi worked at IRCJ, in charge of planning and execution of investments in businessturnarounds and performance improvements. Mr. Nakanishi started his career at a major Japanesecommercial bank and was engaged in corporate loan operations, then at a financial consulting firm
conducting asset valuation operations for domestic and international major investment banks.
• Mr. Nakanishi holds a B.A. in Economics from Rikkyo University.

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Team Profile
Taro Tatsumi, Partner, HR/GA Head
• Prior to joining Aspirant Group, Mr. Tatsumi worked at BELLSYSTEM24 for 22 years, where he was in chargeof on-site operation management as well as division management. He has experience in on-site planning,
design, construction and operations consulting. He also participated in a subsidiary established in Dalian,
China, and he started his post as the general manager from 2011. After returning to Japan he was
responsible for business profit optimization (planning, practice, monitoring, improvement) of the service
quality as an administration manager.
• Mr. Tatsumi holds a B.A. in Commerce from Meijo University.
Hiroto Terashima, Partner, General Counsel• Mr. Terashima started his professional career as a practicing lawyer at a major law firm in Tokyo, where heprimarily engaged in advice on international transactions, which lasted for approximately eight years(including secondment to law firms in New York and London).
• Then he transitioned to in-house counsel responsibilities at Tokyo outposts of a few international financial
services firms (investment and commercial banks), where he engaged in legal and compliance management
for more than twenty years.
• Immediately prior to joining Aspirant Group, Mr. Terashima worked at Ticketing Department of the Tokyo 2020
Olympic and Paralympic Games Organising Committee from 2019 to September 2021 on a full-time basis, tofulfill his long-term wish and to take on a new challenge.
• Admitted to Japan and New York bars.

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Team Profile
Hiroshi Nishio, Principal, Operations• Prior to joining Aspirant Group, Mr. Nishio worked at a steel industry company as accountant manager andwas in charge of domestic and foreign companies’ development of accounting procedures, document
disclosures and J-Sox rules. He was also responsible for constructing the entire managerial accounting
process, which contributed significantly to the IPO of the company.
• Mr. Nishio also worked at a Japanese servicer as head of their corporate planning department, engaged inseveral performance improvement projects including business plan development, financial forecasting, andprocess /IT system reconstruction.
• Mr. Nishio holds a B.A. in Law from Meiji Gakuin University.
Taichi Nakamaru, Principal, Operations• Prior to joining Aspirant Group, Mr. Nakamaru started his career in a food industry company. In 2000, hejoined BELLSYSTEM24, where he was in charge of on-site operation management as well as regional
management. Throughout his career, he gained experience in operations, business design, profit/quality
improvement, sales management and project management.
• Since 2010, he worked at a major telecommunication company as vice president and director of sales mostly
covering IT solutions proposals for client cost reduction and productivity improvement.

Nana Hasegawa, Principal, Add-ons / Exits• Prior to joining Aspirant Group, Ms. Hasegawa worked at Innovation Network Corporation of Japan (INCJ), a
public-private investment fund, where she engaged in domestic and cross-border investments in a wide rangeof sectors, including industrial machinery, machine components, food manufacturing, genetic testing, andwater infrastructure. At INCJ, she was in charge of investment executions, management support throughboard participation, as well as exit negotiations.
• Prior to INCJ, she worked at Shinsei Bank's asset management group and Goldman Sachs, covering
Japanese and Korean steel makers as an equity analyst.
• Ms. Hasegawa holds a B.S. in Foreign Service from the Edmund A. Walsh School of Foreign Service at
Georgetown University.

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Team Profile
Kenji Yamaguchi, Principal, Investments• Prior to joining the Aspirant Group, Mr. Yamaguchi worked at iSigma Capital Corporation, where he engaged
in investments in the semiconductor manufacturing industry, food industry, and civil engineering andconstruction industry, management support and exit negotiations for portfolio companies, and fundraising
activities.
• He started his career at a major Japanese insurance company and was engaged in corporate loan operations
and mezzanine finance operations.
• Mr. Yamaguchi holds a B.S. in Industrial Technology from Keio University.
Hiraku Kozawa, Principal, Legal• Prior to joining Aspirant Group, Mr. Kozawa engaged in domestic and cross-border, public and private M&Atransactions, corporate governance, commercial transactions, corporate litigations, corporate scandals, andfinancial and data protection regulations matters for approximately 10 years as a practicing lawyer at
corporate law firms.
• During his secondment to the investment division of one of the largest investment banking groups in Japan
from 2014 to 2017, he engaged primarily in advising on establishment and operation of investment funds aswell as private equity, energy and debt investment transactions.
• From 2021, he advised cross-industrial consortiums (including major commercial and investment banks,
asset management companies and data providers) on data in financial and asset management industries.
• Mr. Kozawa holds a B.A in Law from Kyoto University, a J.D. from Kyoto University Law School, and a L.L.M.
from the University of Michigan Law School.
Shigeki Suzuki, Principal, Business Development• Mr. Suzuki has been engaged in business restructuring-related work for more than 20 years.
• After joining the Bank of Tokyo, Ltd. (currently MUFG Bank, Ltd.), where he was engaged in credit support
and bank-wide BPR operations, Mr. Suzuki joined PwC FAS (PwC Advisory Co., Ltd.), where he wasengaged in various rehabilitation advisory services for companies undergoing legal liquidation, etc. as a
specialized third party and has gained experience in business restructuring-related fields since then.
• In 2003, he joined the Industrial Revitalization Corporation of Japan (IRCJ), where he was involved in theformulation of business revitalization plans, negotiations with financial institutions, and PMI operations forseveral companies. Since 2005, he had been with Next Capital Partners Co., Ltd., where he was involved in
all aspects of fund operations, including fundraising/investor relations, deal sourcing, execution, PMI, and exit,
and worked on many turnaround cases.
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• Mr. Suzuki holds a B.A in Law from Chuo University
14Team Profile
Yutaro Hara, Vice President, Operations• Prior to joining the Aspirant Group, Mr. Hara worked at two start-up companies in the hospitality sector in
Thailand. As one of the management team members, he opened a new hotel from scratch which became achain hotel operator in the region.
• Mr. Hara started his career at Accenture Strategy in 2012, and engaged in projects in cross-borderbusinesses, supporting foreign companies entering into the Japanese market and Japanese companies
expanding overseas.
• Mr. Hara holds a B.A. in Literature from the University of Tokyo.
Suguru Matsufuji, Vice President, Finance• Prior to joining Aspirant Group, Mr. Matsufuji worked at The Tokyo Tanshi Co., Ltd. from 2010, where he wasmainly engaged in JGB repo market as an inter dealer broker working with institutional investors andsecurities companies.
• While he was at The Tokyo Tanshi Co., Ltd., he was seconded to the Ministry of Finance for two years, andhe was also sent to the New York office of an affiliate as a trainee for three months.
• Mr. Matsufuji holds a B.A in Economics from the University of Tokyo.
Hirokazu Ego, Vice President, Investments• Prior to joining Aspirant Group, Mr. Ego started his career in 2009 at Mizuho Financial Group, where heengaged in relationship management for a variety of companies, project finance for EMEA deals at the
London branch, and leveraged-buyout.
• He recently worked as sales coverage for pharmaceutical and healthcare companies, supporting clients inglobal business, M&A, and related financing and transactions.
• Mr. Ego holds a B.A. of Commerce and Management from Hitotsubashi University.

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Team Profile
Yoshifumi Ichikawa, Vice President, Finance• Prior to joining Aspirant Group, Mr. Ichikawa worked at the Mizuho Financial Group, where he gained 17
years of professional experience primarily in treasury/XVA, fixed income, business planning, and financial
planning and analysis (FP&A) , including a 5-year tenure in New York.
• Mr. Ichikawa holds a B.S. in Engineering Science from Osaka University and M.S. in Financial Engineeringfrom the University of Illinois at Urbana Champaign and is a U.S. Certified Public Accountant and a Certified
Member Analyst of SAAJ
Takumi Ohta, Associate, Operations• Mr. Ohta joined Aspirant Group from September 2021.
• After graduating from college in 2018, he joined Ernst & Young Shin Nihon LLC, where he mainly engaged infinancial audit of domestic companies.
• Mr. Ohta holds a B.A. in Economics from Kyoto University and is a Certified Public Accountant.

Kenta Tashiro, Associate, Investments• Prior to joining Aspirant Group, Mr. Tashiro worked at Mizuho Securities, where he had been engaged ininvestment banking for five years.
• He mainly supported his clients’ financing and M&A deals as a coverage banker for the energy and utility
sector. He also has previous experiences at Mizuho Bank as a corporate sales representative.
• He holds a B.A in Economics from Hitotsubashi University.
Tadahiko Maede, Associate, Investments• Mr. Maede joined Aspirant Group from September 2022.
• Since 2015, at PwC Consulting LLC, Mr. Maede supported supply chain management for companies invarious industries in order to improve their business processes and efficiency and reduce indirect costs.
Since 2020, at PEVC (Private Equity Value Creation) team in PwC, he supported PE funds and their portfolio
companies through business/operational due diligence, KPI management and budget planning.
• Mr. Maede holds a M.S. in Engineering from Kyoto University.
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Team Profile
Katsuro Taninaka, Associate, Investments• Prior to joining Aspirant Group, Mr. Taninaka worked at GLP Capital Partners Japan where he engaged in
private equity investments, mainly deal sourcing and execution.
• Prior to GLP Capital Partners Japan, he worked at Mizuho Securities as a coverage banker in Investment
Banking Division.
• He also worked at Mizuho Bank as a corporate sales representative.
• He holds a B.A in Economics from Rikkyo University.
Hideya Kitamae, Associate, Investments• Prior to joining Aspirant Group, Mr. Kitamae worked at a trading company and boutique consulting firm.
• After these experiences, he joined Deloitte Financial Advisory LLC in 2017 and was involved in M&A related
projects including buy-side and sell-side due diligence, advisory for carve-outs and business planning forclients, primarily in the chemical sector.
• He holds a B.A. in International economics from Aoyama Gakuin University and is a U.S. Certified Public
Accountant.
Sho Fujimoto, Associate, Investments• Prior to joining Aspirant Group, Mr. Fujimoto started his career in the Aviation Finance Division at Tokyo
Century Corporation in 2019, where he was engaged in aircraft portfolio management, airline marketing(Asia) and arrangement of JOL transaction.
• He moved to the Strategic Planning Division in 2022, where he was engaged in the management of an U.S.
aircraft leasing company and promoting new strategic investment.
• Mr. Fujimoto holds a B.A in Law from Chuo University and is a Certified Member Analyst of SAAJ.

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Team Profile
Fumiya Motegi, Associate, Operations• Prior to joining Aspirant Group, Mr. Motegi worked at PwC Consulting LLC, where he engaged in strategy
consulting for about 4 years. He supported creation of new business development plans and medium to longterm strategies and worked on business operation improvements, especially for manufacturing companies.
• Mr. Motegi holds a B.A in Electrical Engineering and Bioscience from Waseda University and a M.S in
Environment and Energy Engineering from Waseda University.
Eri Yamamoto, Associate, Finance• Prior to joining Aspirant Group, Ms. Yamamoto started her career at Deloitte Touche Tohmatsu LLC, where
she engaged in accounting audit mainly for major general trading companies and Japanese subsidiaries ofoverseas companies for about 5 years.
• After that, at Marubeni Corporation, she prepared consolidated financial statements and legal disclosure
documents, prepared and analyzed financial figures, worked on compliance with new accounting standards,
and helped set up an accounting system.
• Ms. Yamamoto holds a B.A. in Business and Commerce from Keio University.
Satoshi Waki, Associate, Operations• Before joining Aspirant Group, Mr. Waki began his career at NTT Communications, where he was engaged ina network engineering and project management role, dealing with design/construction andmaintenance/operations.
• Subsequently, at KPMG FAS, he engaged in advisory services for domestic and cross-border M&A, valuation,and business due diligence.
• Mr. Waki holds a B.A. in Business and Commerce from Keio University.
Taisei Morikana, Associate, Investments• Prior to joining Aspirant Group, Mr. Morinaka worked at PwC Advisory, where he was mainly engaged infinancial due diligence, valuation, and financial modeling. Through financial due diligence, he supported many
private equity firms with their investments in a variety of industries.
• He also has previous experiences at a major Japanese insurance company as a corporate sales
representative, and at a mid-sized accounting firm in Chicago as a financial auditor.
• He holds a B.A in Commerce from Waseda University and is a US Certified Public Accountant.
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Company Backgrounds
Industrial Revitalization Corporation of Japan (“IRCJ”)
Based on the Industrial Revitalization Corporation Act ("the act"), the IRCJ was established on April 16, 2003
and began operations on May 8, 2003. Since then the IRCJ has made decisions to support 41 corporate groups(supported companies) and provided them with support for business revitalization. On March 2, 2007 the IRCJ
made the final exit decision for the final supported company, and subsequently sold the equity it held in thatcompany. As this signified the full completion of its business operations as prescribed in Article 19, Clause 1 of
the act, on March 15, 2007 the IRCJ disbanded on completion of its operations, based on Article 43 of the act.
Enterprise Turnaround Initiative Corporation (“ETIC”)
The Enterprise Turnaround Initiative Corporation of Japan, or ETIC-J, is a Japanese incorporated company, 50
percent owned by the Japanese government and the rest by about 130 private enterprises, which wasestablished in 2009 under the "Enterprise Turnaround Initiative Corporation Law," to support the turnaround of
ETIC
the small and medium-sized corporations (with the one exception of Japan Airlines) that have found themselvesin difficulties, in spite of some useful management capabilities. It continues the role of the Industrial
Revitalization Corporation of Japan or IRCJ, that had existed from 2003 to 2007, under the same law.
Ministry of Economy, Trade and Industry (“METI”)

The Ministry of Economy, Trade and Industry (経済産業省 Keizai-sangyō-shō) or METI, is a ministry of
the Government of Japan. It was created by the 2001 Central Government Reform when the Ministry ofInternational Trade and Industry merged with agencies from other ministries related to economic activities, suchas the Economic Planning Agency. METI has jurisdiction over a broad policy area, containing Japan's
industrial/trade policies, energy security, control of arms exports, "Cool Japan,” etc.

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